A meeting of the ALROSA Executive Board chaired by the Company’s President Fyodor Andreev took place in Mirny, Republic of Sakha (Yakutia) on August 22, 2009.
The Board heard reports of the directors of the Udachny, Aikhal, Mirny, and Nuyrba Mining Divisions, and the top management of OJSC Almazy Anabara and OJSC Severalmaz. The economic performance of OJSC Almazy Anabara and OJSC Severalmaz was found unsatisfactory. It was resolved that new boards of directors of both companies should be elected in the shortest possible time.
Production and economic performance of ALROSA in H1 2009 was discussed, and the core product (i.e. rough and polished) sales targets were adjusted for H2 2009, based on the resolutions of the meeting with the participation of the Chairman of the RF Government held in Mirny yesterday. This allows for production plan and budget targets for 2009 to be met. In line with the resolution of the Supervisory Board of May 12, 2009 on adjusting the forecast targets for 2009, ALROSA rough diamond production, including that of OJSC ALROSA-Nyurba, is planned at USD 2,103.7 million, with rough diamond production by ALROSA Co. Ltd. planned at USD 1,655.0 m. ALROSA net profit is expected at RUB 454.4 m.
The Board also discussed the Company’s current investment projects in Angola and prospects for their further development.
Also miscellaneous issues relating to the Company’s day-to-day operations were discussed.